Brightspeed withdraws term loan B due to market conditions; secondary slide continues

By Sara Rosenberg

New York, Sept. 29 – In the primary market on Thursday, Brightspeed (Connect Holding II LLC) pulled its term loan B from syndication and also terminated plans for a senior secured notes offering, as a result of unfavorable conditions.

Brightspeed withdrew its $2 billion seven-year term loan B from syndication due to “market conditions,” according to a news release.

Talk on the term loan B had been SOFR+10 basis points CSA plus 500 bps with a 0.5% floor, an original issue discount of 92 and 101 soft call protection for six months.

The company’s $3.6 billion of credit facilities (B2/B-) also included a $600 million revolver and a $1 billion term loan A.

The company also pulled its offering of $1.865 billion of seven-year senior secured notes from market.

However, Brightspeed said in the news release that it “expects to commence a debt financing transaction at some point in the future.”

Meanwhile, the secondary market had a down day, falling roughly a quarter of a point to a half a point on increased selling.

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